First-Time Buyer Joint Mortgage
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Mina Kiaroodi
Job Title: Partner | Mortgage Adviser
First-Time Buyer Joint Mortgage
Mina Kiaroodi explains how joint mortgages work for first-time buyers.
Podcast approved by The Openwork Partnership on 09/12/2025.
How do joint mortgages work for first-time buyers?
A joint mortgage is where two or more people team up to buy a home together. The lender will look at all of the applicants’ incomes and credit profiles, so it’s a good way to boost affordability.
In most circumstances, it would help you borrow more than on your own. The main thing to consider is that everyone named on the mortgage is equally responsible for the repayments.
Also, everyone’s on the property deeds unless you go for a special type of mortgage.
You would be considered as ‘jointly and severally’ liable for the mortgage debt. Essentially, the lender doesn’t care who makes the payments as long as they are being made, but you’re all responsible for that.
My partner is a first-time buyer, but I’m not. What are my options?
This is really common, and it’s fine. You can still take out a joint mortgage together, but only the person who hasn’t owned a home counts as a first-time buyer. For affordability, you would still be assessed jointly, and the mortgage works exactly the same way.
The main thing is around first-time buyer perks. There could be certain elements you could get as a first-time buyer if you weren’t buying with somebody who’s previously owned a property.
Stamp duty is probably the main one, and first-time buyer relief won’t apply unless everyone is buying for the first time. You may still be able to get lender perks, however.
Do both buyers have to be first-time buyers? Do couples lose first-time buyer status if one partner bought in the past?
No, you don’t both have to be first-time buyers to get a joint mortgage. But to gain first-time buyer benefits, every named purchaser must be a first-time buyer. If one partner in the couple or group has owned property before, you do lose that first-time buyer status.
Stamp duty is the main thing – you would lose that benefit. But there are lender specific first-time buyer mortgage products that may still be available to you.
Do I have to pay stamp duty if my partner is a first-time buyer, but I’m not?
The stamp duty is based on the property purchase, not the individual buyer, but if one of you has already previously owned a home, you’re not going to qualify for that. It would just be treated as a standard transaction at the regular rates.
In fact, if one of you is keeping an existing property you could incur higher rates. That’s something that you would need to look into.
What does being joint tenants or tenants in common mean?
Those terms describe how you legally own the property. Joint tenants is where you own the whole property together under equal ownership. If one of you passes away, the other would inherit the entire place.
That tends to be most common for couples. You’re jointly and severally liable for the mortgage, but it’s equal ownership.
With tenants in common, you each own a specific share. It could be 50-50, or 60-40, or whatever you agree between you and the other people on the mortgage. Your share could go to somebody else in your Will. It tends to be helpful when buyers want to protect unequal deposit contributions. It can also apply for a married couple with children from previous relationships.
Can I get a joint mortgage with a guarantor?
Yes. Some lenders do offer this, but it’s not as common as it used to be. It usually means two buyers purchase together, plus there’s a named guarantor who would step in if the repayments can’t be met.
It’s usually a parent or family member. It’s less common than it used to be, but it is still possible if affordability is tight
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What is a Joint Borrower Sole Proprietor mortgage?
This is along the same lines as a guarantor mortgage and it’s a handy option. It’s mainly about boosting affordability, where somebody – usually a parent – joins the mortgage to boost income, without being on the property deeds.
It would mean that the property legally belongs to the first-time buyer, and protects their stamp duty exemption, and also avoids second home tax issues for the helper. The main benefit with Joint Borrower Sole Proprietor is that you could potentially borrow more.
How much can you borrow as a first-time buyer with a joint mortgage? How do you calculate a first-time buyer joint mortgage?
Lenders look at your combined income and your combined credit commitments, such as credit cards, secured loans and hire purchase. Most of them will lend around four to 4.5 times your joint income.
Some will go up to five or even 5.5 times income depending on your jobs, income stability and overall financial health. To give an example, perhaps one partner earns £35,000 and the other earns £30,000. The combined income would be £65,000. With a 4.5 multiplier, you may be able to borrow around £292,500.
How much deposit do I need for a joint mortgage?
Obviously, the bigger the deposit you have, the lower the Loan to Value ratio. You’re putting more money down, so the bank is lending you less.
The required deposit is exactly the same on a joint mortgage as a solo mortgage. It’s typically at least 5% of the property value. Putting down 10% or more does tend to get you better rates.
In terms of where the deposit’s coming from, it can be split however you want. It might be that one of you is putting in a different amount to the other, which is where tenants in common comes in.
Can you transfer a joint mortgage to one person?
Yes, that’s called a ‘transfer of equity.’ Essentially, it’s refinancing the property and paying the other person off. The lender would reassess whether the person staying on the mortgage can afford it alone. If they can, the other person would be removed from both the mortgage and title deed.
There may be fees, and sometimes stamp duty applies depending on the situation. But it may be possible to do that.
Can I get a first-time buyer joint mortgage if I have bad credit?
It is possible, but it does depend on how serious the credit issues are and how recent. Some lenders are more flexible than others. Having a partner with stronger credit can help, but bear in mind that the lender is going to consider you both.
With adverse credit, you can expect to possibly need a bigger deposit or pay a slightly higher interest rate.
How can a mortgage broker help me get a joint mortgage as a first-time buyer?
Using a broker is just going to save you a lot of hassle. Buying your first home can be really overwhelming and stressful. We’re here to take a lot of that pressure away from you.
We compare lenders to find those most likely to approve your situation, so if there’s bad credit we look at which lenders’ criteria will match up. We explain ownership types – joint tenants versus tenants in common.
We help you structure the application to maximise affordability, taking into consideration self-employed or employed income. We also help you navigate stamp duty and deal with all the paperwork. We speed up the process and act as your main point of contact.
I’d always recommend going to a mortgage broker to make your life a lot easier. It’s really helpful to get advice from somebody who’s professionally qualified in this area.
Key Takeaways:
- Joint mortgages boost affordability by combining incomes, but all applicants are equally responsible for repayments.
- First-time buyer benefits (like Stamp Duty relief) are only available if all purchasers are first-time buyers.
- Joint Tenants is equal ownership with automatic inheritance; Tenants in Common allows specific shares, often to protect unequal deposits.
- A Joint Borrower Sole Proprietor (JBSP) mortgage allows a helper to boost income without being on the property deeds, preserving the first-time buyer’s stamp duty exemption.
- Lenders typically allow borrowing of four to 4.5 times your combined joint income, sometimes up to 5.5 times based on financial health.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 09/12/2025.
